API Releases Statement on Climate Proposal

API (American Petroleum Institute) on June 30 released the following statement responding to the House Select Committee’s climate plan.

“The risks of climate change are real, and the solutions must be equally real. Our industry is focused on reducing greenhouse gas emissions while providing access to affordable and reliable energy that helps enhance standards of living around the world,” API senior vice president of Policy, Economics and Regulatory Affairs Frank J. Macchiarola said. “We are not waiting for the government to take action—we are meeting this challenge head on through cleaner fuels and innovation, all while delivering the energy that American families rely on every day. Now more than ever, we need bipartisan policy solutions to reduce the risks of climate change that do not force a false choice between protecting the environment and growing the U.S. economy. We can do both, but it will require working together and recognizing the critical role of the oil and natural gas industry in reducing emissions and powering the nation’s economic recovery.”

The U.S. has reduced CO2 emissions more than any other nation since 2000, and methane emissions relative to natural gas production from five of the largest U.S. producing regions, such as the Permian, have fallen more than 60% between 2011 and 2018. The industry is also taking action through The Environmental Partnership—a coalition of oil and natural gas companies committed to advancing technology, sharing best practices, and continuously improving the industry’s environmental performance.

API supports bipartisan CCUS (carbon capture, utilization, and storage) bills, including The USE IT Act and The LEADING Act, and will continue to champion policies that achieve the dual goals of meeting growing demand for affordable energy and addressing the risks of climate change.

API and its members evaluate proposed government climate policies such as the report from the House Select Committee, according to API’s climate position and climate policy principles.

SOURCE: The Weekly Propane Newsletter, July 2, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.